Chairman of Sheffield surveillance firm Synectics David Coghlan is set to retire this year

Surveillance firm Synectics has announced that its chairman David Coghlan is set to retire.

Mr Coghlan informed the Sheffield-based firm of his intention to retire from the board by the end of the current year.

Synectics has retained a professional search firm to seek a replacement and hopes to make an appointment once the right candidate has been chosen.

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Mr Coghlan has agreed to remain as chairman until his successor is in place and a thorough transition and handover have been completed.

Synectics provides services to casinos in Las Vegas.Synectics provides services to casinos in Las Vegas.
Synectics provides services to casinos in Las Vegas.

He said: "Synectics is a fine company with a very bright future. It has now weathered the severe impact of the pandemic on its main markets and has recovered to profitability with a clear growth trajectory. The group's balance sheet, technology and competitive positions are strong.

"Having had the honour of chairing Synectics for 16 years, it is now time for me to step back from my current commitments to a less direct role and to support the future success of the Company as an actively engaged outside shareholder."

Last week, Synectics said trading in the first half of 2022 was in line with its expectations as it produced a “considerable positive turnaround” from the same period last year with operating profits expected to be at a broadly similar level to the seasonally stronger second half of last year.

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Activity levels in the major end-user markets that the Sheffield-based firm serves generally continued to gather momentum, particularly in oil and gas and in US gaming.

That recovery is as yet less evident in casinos and gaming resorts in Asia-Pacific where leisure travel has remained subdued.

Operating profit for the first half of 2022 was estimated to be approximately £400,000, in contrast to the operating loss of around £800,000 that it made in the same period last year.

Revenues were around £23m, up from £22m the previous year. Net cash as at 31 May 2022 was approximately £3.9m.

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